- Satoshi Act Fund co-founder discloses speculations that “multiple cabinets” support the creation of Bitcoin strategic reserve.
- Galaxy Digital’s Mike Novogratz also believes that this establishment is unlikely as there could be a crash between the different branches of government.
Following the re-election of pro-crypto candidate Donald Trump, rumors surrounding the establishment of a Bitcoin (BTC) strategic reserve have escalated with CEO and Co-Founder of Satoshi Act Fund Dennis Porter listing a few.
According to Porter, there are rumors that multiple cabinets have picked support for a Bitcoin strategic reserve. In addition to that, he disclosed that multiple countries are allegedly buying Bitcoin unannounced. Adding to this, the Satoshi Act Fund CEO hinted that more than 10 States could introduce the Bitcoin strategic reserve legislation under the current administration.
Some of these rumors are true and I can personally verify them. You will see some of them begin to be verified tomorrow.— Dennis Porter (@Dennis_Porter_) November 14, 2024
Meanwhile, Galaxy Digital CEO Mike Novogratz takes a strong exception to these possibilities. According to Novogratz, the likelihood is very low because this aspect could breed a strong disagreement and clash between the different branches of government.
Galaxy Digital’s CEO Doubts the Creation of Bitcoin Strategic Reserve
In an interview with Bloomberg TV, Novogratz admitted that creating a Bitcoin strategic reserve could be a smart move. However, the dollar does not need another asset to cement its dominance as the global reserve currency.
I think it would be very smart for the United States to take the Bitcoin it has, maybe add some to it, and say we want to show the world that we’re going to be a technology-first country — a crypto, a digital asset-first country. I don’t necessarily think the dollar needs anything. to back it up. We have the strongest military in the world. We have the dominant economy in the world.
If this strategic reserve agenda defies all odds to materialize, Novogratz believes that Bitcoin could be triggered to hit $500 million.
I think Bitcoin heads to $500,000 — it’s a whole different Paradigm because it forces every other country [to buy it], and countries are already buying it.
Countries Making Strong Move in Bitcoin
As we reported in 2021, El Salvador is the first country to recognize Bitcoin as a legal tender. Under the leadership of President Nayib Bukele, the country has been consistently accumulating digital assets. The Kingdom of Bhutan is another country that is reported to have been mining Bitcoin for years. According to Arkham Intelligence, the country has a staggering amount of $780 million in digital assets. Also, the recent surge of Bitcoin to $89k pushed El Salvador’s holding to $523 million from the $402 million held on November 5.
At press time, Bitcoin was trading at $91k after surging by 4% in the last 24 hours and 21% in the last seven days.
Analyzing an interview with the founder and CEO of Quantum Economics, Mati Greenspan, we discovered that Bitcoin has strong fundamentals that suggest a bullish continuation. According to Greenspan, the asset could certainly continue its run for the rest of the year.
